PTR.L Regulatory News (PTR)

16 Apr 2008 07:01

Petroneft Resources PLC16 April 2008 PetroNeft Resources plc ("PetroNeft" or the "Company") Operational Update PetroNeft has noted speculation in Russian and international media in relationto the Korchegskaya No. 1 exploration well currently being drilled in Licence61, Tomsk Oblast, Western Siberia. While operations remain on schedule they have not yet been completed, however,the Company is pleased to report that the well has encountered moveable oil inthe target interval. A coring operation is currently in progress, followingwhich the well will be drilled to its planned total depth of about 2,800 metres.A further announcement will be made in due course. The Company is also delighted to report that the pilot production test on theLineynoye No. 7 well is complete. The well produced at a stabilised rate of 85bopd. It was not possible to optimise the test due to generator problems. Oncethe pump is optimised the Company is confident the well will produce at a higherrate. For further information, contact: Dennis Francis, CEO, PetroNeft Resources plc,+353 87 7412960 Paul Dowling, CFO, PetroNeft Resources plc+353 1 4433720 John Frain/Brian Garrahy, Davy+353 1 679 6363 Nick Elwes/Paddy Blewer, College Hill+44 207 457 2020 Forward Looking Statements This announcement contains forward-looking statements. These statements relateto the Company's future prospects, developments and business strategies.Forward-looking statements are identified by their use of terms and phrases suchas "believe", "could", "envisage", "potential", "estimate", "expect", "may", "will" or the negative of those, variations or comparable expressions, includingreferences to assumptions. The forward-looking statements in this announcement are based on currentexpectations and are subject to risks and uncertainties that could cause actualresults to differ materially from those expressed or implied by thosestatements. These forward-looking statements speak only as at the date of thisannouncement. This information is provided by RNS The company news service from the London Stock Exchange